Canon Profits Drop 16% in Second Quarter

Japan’s Canon Inc cut its earnings outlook for the full year and reported a 16 percent fall in quarterly profit as consumers, increasingly in the habit of taking photos with their smartphones, bought fewer compact digital cameras.

The world’s largest camera maker said on Monday its second-quarter net profit fell to 68 billion yen ($552 million) compared with 81 billion yen a year earlier. Analysts on average expected 65 billion yen, according to Thomson Reuters data.